Bitcoin fell below the $80,000 mark after the U.S. Producer Price Index (PPI) was recorded at 6%, higher than expected. This data suggests that inflation may remain high, fueling concerns that the Federal Reserve's interest rate cuts could be delayed. This is reported by Coindesk.com .
Market uncertainty has put pressure on crypto assets and related stocks. Coinbase, Robinhood, Bullish, and Gemini ended the trading session with losses. Investors are re-evaluating their portfolios amid declining trading activity and macroeconomic pressure.
Nevertheless, eToro shares rose by more than 9%. Despite weak first-quarter results, the company emphasized that it views digital assets as a core part of its long-term growth strategy. Among Bitcoin miners, Core Scientific and Cipher Mining shares showed growth of over 5%.
In the political arena, Kevin Warsh was confirmed as Fed Chair following a Senate vote. He will lead the central bank at a time when inflation data remains uncertain. Meanwhile, amendments to the crypto-market structure bill are being discussed on Capitol Hill.
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